The Asian currency crises have been introduced by many economists as evidence that almost any country could be vulnerable to speculative attacks and to contagion effects, even with apparently good economic fundamentals. These financial crises have also been interpreted by other economists as...

The Sahel is a border region between desert and fertile land. Because of the low density of resources, property rights cannot be established and because of the missing property rights there is overcrowding; population is high relative to the resource base. The crowding externalities involve...

This paper develops a simple, incentive compatible, allocation mechanism by means of which both polluters and pollutees will reveal their preferences so that the government can determine the Pareto optimal pollution level. The mechanism involves a combination of the Pigou tax and the Clarke tax....